Emaar Development Approves AED2.7 Billion Dividend Amid Strong Financial Growth
Emaar Development shareholders have approved a dividend distribution of AED2.7 billion (US$740 million), representing 68% of the company's share capital.
The decision was announced at the company's Annual General Meeting (AGM), where the Board of Directors reviewed Emaar's robust financial performance for 2024 and outlined its future growth strategy.
The AGM also saw the approval of the Board's report on the company's operations, the financial position, and the Auditor's report.
Emaar Development reported an exceptional surge in property sales, reaching AED65.4 billion (US$17.8 billion) in 2024, a 75% increase compared to the previous year. The company's total revenue climbed to AED19.1 billion (US$5.2 billion), marking a 61% year-on-year growth. Additionally, net profit before tax rose by 20% to AED10.2 billion (US$2.8 billion).
Mohamed Alabbar, Founder of Emaar, attributed this success to the company's commitment to excellence, innovation, and customer satisfaction. He emphasized that Emaar's developments go beyond real estate, focusing on community-building and enhancing Dubai's global appeal. 'Our 2024 results are a testament to our vision. By embracing technology and sustainability, we are shaping modern living and ensuring long-term value for our customers and stakeholders,'
Alabbar stated.
Emaar Development's remarkable financial growth and strategic direction position it as a key driver of Dubai's real estate sector, reinforcing the city's status as a global investment hub.
News Source: Emirates News Agency
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